ECONOMYNEXT — Sri Lanka President Ranil Wickremesinghe has called for modernisation of the legal system to effectively implement the government’s economic reforms to drive growth.
Speaking to a group of lawyers in Kandy on Sunday April 07, Wickremesinghe said collaboration with the International Monetary Fund (IMF) was a crucial step towards revitalising Sri Lanka’s economy, adding that legalising the agreements with the IMF to ensure that the benefits reach the people swiftly.
A statement from the president’s office said Wickremesinghe has expressed plans to introduce a new legal framework geared towards modernisation across various sectors. According to the statement, he had sought the support of the legal community for the proposed initiatives, highlighting the significance of their involvement in advancing these efforts.
Noting Sri Lanka’s history of reversing decisions after agreeing to IMF programmes, Wickremesinghe claimed that this is the country’s final opportunity for economic recovery, calling for legalisation of the agreement with the IMF to ensure that its benefits can be realised for the people of Sri Lanka.
Deciding whether to continue with the current economic system or to bolster the country’s economy by prioritising a competitive export-driven approach is important, as is avoiding future economic crises through strategic economic policies and initiatives, Wickermesinghe said.
Citing “abundant physical and human resources available in Sri Lanka”, the president said the country’s strengths must be leveraged to transition towards an export-oriented economy, with attention directed towards exploring new fields for further growth and expansion. (Colombo/Apr09/2024)